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Protecting depositors Parliament to consider Deposit Protection bill

The bill seeks to protect the savings of depositors and also promote confidence in the financial system.

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Parliament is likely to consider the Deposit Protection bill when its resume sitting from break this week.

The bill seeks to protect the savings of depositors and also promote confidence in the financial system.

Depositors of some microfinance companies in the Brong Ahafo region had their monies locked up after the Bank of Ghana frozen the accounts of DKM microfinance and also revoke the licence of some 70 microfinance companies.

Four other microfinance operators including the CEO of DKM microfinance were arrested and arraigned before court.

They were accused of collecting various sums of money running into several millions of Ghana Cedis from their clients, promising them huge interests of not less than 50 per cent.

They have since been granted bail.

The Bank of Ghana is also seeking more powers to effectively deal with the current crisis that has hit the microfinance sector.

Outgoing Head of Other Financial Institutions at BoG, Raymond Amanfo said depositors funds will be better protected if the central bank is also empowered to take certain actions in the approval process.

 

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